The Westwood home at 2150 Glendon Ave, LA CA 90025 received a price reduction of 4.66% or $34,000, down to $695,000. Re-listed 4 days ago and originally listed 160 days for $839,000, this would be the 2nd price reduction in the 2011 calender year. Previously, the home spent some market time (about 122 days) in 2010 asking $839,000. According to the MLS, the features 3 bedrooms / 2 baths, 1,472 sf of living space on a 6,075 sf lot.

The completely remodeled Westwood Hills home at 11158 Ophir Dr., LA CA 90024 lasted 19 days on the market before receiving an accepted offer on 11/21/11. The home was listed on 11/02/11 for $1,895,000. The last time this home sold, back in 2009 for $1,861,000, it sold over the asking price by $62k. In my opinion, this done, done, done home's best feature maybe it's extra large gourmet kitchen with vaulted ceilings, skylights, top of the line stainless appliances, a butchers block center island, breakfast area and more... According to the MLS, the home is a 3 bedroom / 3 bath, 3,159 sf of living space on a 10,214 sf lot. Will be interesting to see what this sells for in light of it's recent 2009 sale price and current asking price.

The Westwood home at 2252 Linnington Ave, LA CA 90064 received a price reduction this week of 4.7% or $54,000, down to $1,095,000. Listed 26 days ago for $1,149,000, this is the 1st price reduction of the current listing. This traditional house looks to have a fair amount of remodeling done to it and is in move-in type condition. The one downfall I see in this home is the 2+den status instead of full 3 bedroom home. It looks like the garage has been converted to a home office, complete with french doors and a/c & heat. According to the MLS, the home is a 2 bedroom / 2.5 bath, 1,744 sf of living space on a 6,750 sf lot.

The Comstock Hills home at 1738 Warnall Ave, LA CA 90024 lasted approximately 20 days on the market before accepting an offer on 10/3/11. This home looks to have been completely remodeled throughout in a contemporary style and even included a pool in the backyard. According to the MLS, the home is a 3 bedroom / 2 bath, 1,907 sf of living space on a 6,500 sf lot. And on 11/17/11, 1738 Warnall Ave closed for $1,285,000|$673.83 $/sf|.

The Westwood home at 10595 Holman Ave., LA CA 90024 lasted 18 days before receiving multiple offers and accepting an offer on 9/23/11. The property was listed on 9/5/11 for $1,145,000 and did not need any price reductions to elicit an offer. According to the MLS, the home is a 3 bedroom / 1.75 bath, 1,840 sf of living space on a 6,500 sf lot. On 11/17/11, 10595 Holman Ave closed for $1,140,000 |$619.57 $/sf|.

Little Holmby tennis court estate hits the market at 10478 Wyton Dr, LA CA 90024. By doing a quick satellite mapping scan with Google Maps or Bing Maps, one can see there are only a handful of homes that have a tennis court in Little Holmby, let alone a tennis court and a pool. While the average lot size in Little Holmby is the biggest in Westwood, there are very few lots that could afford to have the luxury of a tennis court and a pool. So this property is very much on the rare side and could be a limited opportunity for someone seeking a house in this location with these features. There is even a charming little guesthouse in the back of the property behind the tennis court. The main house was redone in 2000 and is in mostly move-in type condition. According to the MLS, the home is 4 bedroom / 3.5 bath, 3,290 sf of living, on a 17,119 sf lot. Asking price is $3,495,000.

The Westwood Little Holmby home at 901 Malcolm Ave., LA CA 90024 lasted 117 days on the market before accepting an offer on 10/10/11. Those 117 days are just over double the average time on market to sell for a Westwood home in 2011. 901 Malcolm Ave was listed on 6/14/11 for $2,200,000 and received two large price reductions during it's listing term, finally ending up at $1,850,000.
In my opinion, they should have never been above $1.8m if they wanted to sell in the first place. This is a good example of pricing the home right to start with and market time in action. When the seller reduced to $1.850m, it took about the average market time to sell this house, approximately 50 days. This home was a little bit harder to sell because of the heavy fixer condition and exact location of the house within the neighborhood. On 11/15/11, 901 Malcolm Ave closed for $1,620,000.

According to the MLS, the home is a 4 bedroom / 4.5 bath, 4,643 sq ft of living space on a 8,276 sq ft lot.

The Westwood home at 10386 Mississippi Ave., LA CA 90025 lasted 19 days on the market before accepting an offer on 9/16/11. The home was listed on 8/28/11 for $2,050,000 and did not have any price reductions during the listing term. This contemporary architectural style home was custom built in 2011 and is in move-in type condition. 10386 Mississippi Ave closed on 11/8/11 for $1,925,000|$713 $/sf|. According to the MLS, the home is a 4 bedroom / 3.5 bath, 2,700 sf of living space on a 8,102 sf lot.

Over the last few weeks the market activity in the highest priced (most desirable) Westwood neigbhorhood, Little Holmby, has been very active. We have seen many of the high end homes sell quickly after coming to market, some with multiple offers, and the low end keep pace with a multiple offer situation of it's own. Inventory has been at +/- 10 active homes in Little Holmby for a few months now, so that has kept limited options available for willing buyers. Just like what is going on throughout Westwood and other Westside neighborhoods, homes that are well priced will sell fairly quickly. In fact, of the ~127 listings that have closed escrow in Westwood in 2011, 35 or 28% spent less than 10 days on the market, 58 or 46% spend 20 or less days on the market and 71 or 56% spent 1 month or less on the market before selling.
According to the sales data year-to-date, Little Holmby's average sales price in 2011 is $2,249,837, down only a nominal 0.2% in average sales price over 2010 ytd and down about ~20% since peak of market in 2007.

Recent Multiple Offer Situation

The Westwood Little Holmby home at 835 Warner Ave LA CA 90024 came to market about 3 weeks ago with an asking price of $1,399,000. After the trustees' per-determined allotted market time of 19 days, the home received a half dozen or so offers and just went pending. According to the MLS, the home is a 3+3, 2,501 sf on a 9,539 sf lot. Most people would consider this a fixer type home or even a teardown. Had the Trustees been willing to accept an offer upon coming to market, this home would have sold in the first week. So often the reported DOM's are longer than the realty of the situation.

Just a few doors down, 853 Warner Ave LA CA 90024 just came on the market with an asking price of $1,399,000. According to the MLS, the stats are just slightly smaller than the one up above, at 3+2.5, 2,125 sf of living space on a 8,189 sf lot. After walking through both, 853 Warner Ave looks to be in much better livable condition with a vintage feel. I would be shocked if this home doesn't get multiples this upcoming week.

High end recent activity in Little Holmby;

10717 Lindbrook Dr LA CA 90024 came on the market 10/6/11 and went into escrow in just 6 days with an asking price of $2,479,000. 5 bedroom +4 bath, 3,813 sf on a 8,581 sf lot (According to MLS).

938 Malcolm Ave LA CA 90024 came on the market 10/10/11 and went into escrow in 14 days with an asking price of $3,295,000. 6 bedrooms +6 baths, 4,987 sf of living space on a 12,175 sf lot (According to MLS).

524 Loring Ave LA CA 90024 came on the market 9/8/11 and went into escrow 41 days on 10/20/11 with an asking price of $2,899,000. 4 bedrooms +3.5 bathrooms, 3,716 sf of living space on a 12,850 sf lot (According to MLS).

441 Loring Ave LA CA 90024 came on the market 9/19/11 and went into escrow, the 2nd time, on 11/9/11 with an asking price of $3,300,000. 5 bathrooms +4 baths, 4,400 sf of living space on a 10,500 sf lot (According to MLS).

214 Conway Ave, LA CA 90024 came on the market 10/13/11 and went into escrow 22 days later with an asking price of $2,995,000. 5 bedrooms +6 baths, 4,512 sf of living space on a 9,713 sf lot (According to MLS).

The Westwood (Comstock Hills neighborhood) home at 1741 Ensley Ave, LA CA 90024 received a price reduction this week of 7.41% or $100,000, down to $1,249,000. The home was listed 21 days ago for $1,349,000 and this was the 1st price reduction of the listing term. This home looks to have been completely remodeled throughout, with contemporary finishes and is in move-in condition. If you like to walk to things, this home couldn't be any closer to major shopping, restaurants and entertainment. According to WalkScore.com, this home gets a high score of 94. One of my favorite Westwood bakery-cafes is Clementines, which is at the end of the block on Ensley. In fact it's just 2 doors down from this house. If you haven't been, Clementines is a family owned business with wonderful fresh baked goods. Additionally, the Westfield Mall is literally a stones throw away, which features many upscale restaurants, movie theater, Gelson's Supermarket, shopping and more.

According to the MLS, the home is a 3 bedroom / 3.5 bath, 1,787 sf of living space on a 6,750 sf lot.

The Westwood home at 1508 Midvale Ave., LA CA 90024 received a price reduction of 3% or $30,000, down to $969,000. Listed about 157 days ago for $1,199,000, this is now the 3rd price reduction of the listing term. According to the MLS, the home is a 5 bedroom / 2 bath, 2,169 sf of living space on a 6,625 sf lot.

The Westwood home at 2150 Overland Ave, LA CA 90025 received a price change this week of 7.15% or $50,000, down to $649,000. Listed 35 days ago for $699,000, this is the 1st price reduction of the current listing term. According to the MLS, the home is a 3 bedroom / 1 bath, 1,329 sq ft of living space on a 5,400 sq ft lot. The reason this home is offered so cheap is because of the location discount it must offer for being at the intersection of two major streets. Previously, the home spent about 6 months on the market in 2010 starting at $849k and reducing down to $725k.

The Westwood home in Comstock Hills at 1563 Ensley Ave., LA CA 90024 received a price reduction of 3.23% or $50,000, down to $1,499,000. Listed 33 days ago for $1,549,000, this is the 1st price reduction of the listing term. This house has a very old world Spanish feel to it, however, it's been updated with higher end finishes throughout. A nice feature that I really enjoy about this house is the very private wrap around yard that is made for entertaining. The living room opens up to a nice side courtyard area, that features an outdoor fireplace, which can lead around to the backyard. If your looking for a remodeled Old World Spanish house that can be fun to entertain in, this is a house not to be missed. According to the MLS, the home is a 3 bedroom / 1.75 bath, 1,728 sf of living space on a 7,425 sf lot.

The Westwood home at 2027 Manning Ave LA CA 90025 received a price reduction this week of 4.77% or $50,000, down to $999,000. Listed (145+42) days ago on 4/27/11 for $1,245,000, this would be the 5th price reduction overall and 1st in the latest listing period. According to the MLS, the home is a 3 bedroom / 2 bath, 2,006 sq ft of living space on a 5,400 sq ft lot.

The Westwood home at 1250 Woodruff Ave., LA CA 90024 received a price reduction of 7.89% or $100,000, down to $1,750,000. Listed 55 days ago for $1,900,000, this is the 1st price reduction of the listing term. Bought in 2009 for $1,145,000, this home has been gutted, completely remodeled and is now in move-in type condition. On the outside, the home has a very traditional feel. But on the inside the finishes are done in a contemporary style. According to the MLS, the home is a 3 bedroom / 3 bath, 2,525 sf of living space on a 7,020 sf lot. House is also for lease at $6,500.

The Westwood Little Holmby home at 871 Warner Ave LA CA 90024 received a price reduction this week of 2.8% or $40,000, down to $1,389,000. Listed 82 days ago for $1,495,000, this is the 2nd price reduction of the current listing term. This charming little traditional home is the least expensive home in Little Holmby and could be a great opportunity to get into this highly coveted neighborhood at an entry level price. According to the MLS, the home is a 3 bedroom / 2 bath, 2,050 sf of living space on a 6,403 sf lot.

The approved short sale at 2377 Selby Ave LA CA 90064 closed this past week after being on and off the market during 2011. Unless your behind the scenes on the deal, it's hard to really detail the exact events that happen during a short sale listing period. In this case, the home was listed low at $999,900 back in February of this year and received a few offers. After pending lender approval, some price increases and reductions, and several failed so called escrow periods, it looks like the final accepted offer happened back in August. On 10/28/11, 2377 Selby Ave sold for $1,000,000.
According to the MLS, the home is a 4 bedroom / 3 bath, 1,795 sq ft of living space on a 6,750 sq ft lot.

The newer construction home at 10424 Tennessee Ave, LA CA 90064 received a price reduction of 10.81% or $200,000, down to $1,650,000. Listed 320 days ago for $1,850,000, this is the 1st price reduction of the listing term. The days on market has definitely been impacted by the fact that the house has been under construction during most of the listing period. Nearing 100% complete, that should help move this house alot quicker. If you like Mediterranean with a contemporary feel, then this might be the house for you. According to the MLS, the home is a 5 bedroom / 4 bath, 3,190 sf of living space on a 6,500 sf lot.